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FASB releases proposed 2018 financial reporting taxonomy and shared reporting taxonomy for public comment

  • FASB (US Financial Accounting Standards Board) (lt blue) Image

Sep 05, 2017

On September 5, 2017, the Financial Accounting Standards Board (FASB) released for public comment its proposed 2018 U.S. GAAP financial reporting taxonomy and proposed 2018 shared reporting taxonomy.

The 2018 U.S. GAAP financial reporting taxonomy “contains updates for accounting standards and other recommended improvements,” while the 2018 shared reporting taxonomy “contains elements of the GAAP Financial Reporting Taxonomy needed by International Financial Reporting Standards (IFRS) filers for U.S. Securities and Exchange Commission-specific disclosure requirements.”

Comments on the proposed taxonomies are due by October 31, 2017. The SEC is expected to approve the taxonomies in early 2018.

Review the press release, proposed 2018 U.S. GAAP financial reporting taxonomy, and proposed 2018 shared reporting taxonomy on the FASB’s website.

 

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